People always face trade-offs because
A) they always have more than one use for their time and money.
B) they can always afford to buy different goods and services.
C) trading takes place in a market economy.
D) they can make themselves better off through trade.
Answer: A
You might also like to view...
A country that currently does not trade with other countries could benefit by
a. restricting imports and promoting exports. b. promoting imports and restricting exports. c. restricting both imports and exports. d. not restricting trade.
Majority rule will produce the outcome most preferred by the median voter, as demonstrated by the
a. Arrow impossibility theorem. b. Condorcet paradox. c. pairwise voting proposition. d. median voter theorem.
Which of the following would be recorded in the U.S. goods export account?
A. Harry, an American citizen, spends 1,000 francs on vacation in the south of France. B. A machine shop in Ohio purchases a grinder made in Italy. C. Martha receives a $50 dividend check on stock she owns in a business in Germany. D. France purchases a new jet fighter aircraft from the Boeing Company in the United States.
Real GDP refers to ________.
A. GDP data that does not reflect changes in both physical output and the price level B. the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income C. GDP data that embodies changes in the price level but not changes in physical output D. GDP data that has been adjusted for changes in the price level